The Commerce Secretary said the Biden administration may ease tariffs in China in a bid to ease inflation
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The administration of President Joe Biden is considering withdrawing tariffs on Chinese goods in an effort to combat record high inflation in the United States.
Commerce Secretary Gina Raimondo confirmed the potential move on Sunday, saying Biden had personally asked her team to look into the issue. Inflation in the US hit a 40-year high in March, and is expected to pick up in the coming months.
Some tariffs, imposed by former President Donald Trump, affect household goods that can be bought more cheaply from China. Raimondo has previously praised some of Trump’s tariffs on China as “very effective”.
“We’re looking into it. In fact, the president asked us his team to analyze it. And so we’re going to do it for him and he’s going to have to make that decision,” Raimondo told CNN in an interview. When asked about the case.
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The potential move comes as the Biden White House frantically searches for cures to inflation. Biden released a 3-point plan to combat inflation last week, but even members of his own party have criticized it as lackluster.
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“I support the president’s efforts, but we need bolder vision and faster action,” MP Ro Khanna wrote on Thursday. “To fulfill the moment, Mr. Biden must Forming an emergency task force empowered to reduce prices and address shortages. We need comprehensive mobilization, not just a few initiatives dedicated to responding to the headlines.”
Biden’s plan largely calls for the Fed and Congress to deal with inflation, but there is little Executive Action by Biden.
The Biden administration repeatedly insisted last year that inflation would be “temporary.” Treasury Secretary Janet Yellen admitted last week that her predictions were “wrong.”
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“I think I was wrong at the time about the path inflation would take.” She told CNN at the time. As I mentioned, there were unexpected and major shocks to the economy that boosted energy and food prices, and supply bottlenecks that badly impacted our economy, and I didn’t understand them at the time.”